Protective Life Corporation, the U.S. subsidiary of Dai-ichi Life Group, revealed that its chief executive officer (CEO) Rich Bielen will retire at the end of 2026 and will be replaced by current president and chief financial officer (CFO) Paul Wells as president and CEO, effective January 1, 2027.
Bielen has served as President and CEO of Protective since 2017. Under his leadership, Protective has strengthened its foundation, diversified its business portfolio and delivered disciplined long-term growth.
He has more than 40 years of experience in financial services, including 35 years with Protective in various leadership roles. During his tenure as CEO, Protective’s assets grew from $75 billion to $142 billion, revenue grew from $4.5 billion to $8 billion, and the company completed six acquisitions.
“Serving as Protective’s CEO is a privilege,” said Bielen. “I’m incredibly proud of what our team has accomplished together and deeply grateful to have worked with so many talented colleagues.
“Paul has been an integral part of Protective’s growth strategy for many years, and going forward, I have every confidence in him, our leadership team, and the strong foundation we have built together to support the company’s continued success.”
In January 2026, Wells was named president and chief financial officer, having previously served as chief financial officer from 2022 to 2025. The company explained that throughout his 20-year career at Protective, Wells has been a trusted leader known for his strategic vision, deep understanding of the business and commitment to collaboration.
Michael J. Morrissey, Chairman of Protective’s Board of Directors, added: “Paul has a strong leadership mindset, customer focus and commitment to teamwork that are closely aligned with our strategy and culture. We are confident in his ability to lead Protective into its next chapter of growth.”
“I am humbled by the board’s confidence and excited to serve in this role,” said Wells. “Protective has a solid foundation, a clear strategy and an exceptional team dedicated to serving our customers and communities. Together, we will continue to build on our momentum and position the company for long-term success.”
Morrissey added: “Rich led Protective through one of the most transformative periods in the company’s history. He is a values-driven leader who truly cares about his employees and is always guided by doing the right thing for our customers, teammates and partners.
“Equally important, Rich has been intentional about building a strong leadership team and prioritizing a smooth transition to ensure Protective’s continued success. His impact on this company will be lasting, and we are grateful for his leadership.”
Additionally, long-time members of the company’s executive leadership team, Scott Adams, EVP, Chief Transformation and Strategy Officer, and Mark Drew, EVP, Chief Legal Officer, also shared their plans to retire at the end of the year.
Adams leads Protective’s transformation and corporate strategy efforts and has been with the company for 20 years, while Drew joined Protective in 2016 and oversees all legal functions, including compliance and government affairs.
